Maxeda - comment

Maxeda requires a strong tailwind to assist in a likely amend and extend of its upcoming maturities. Hornbach’s Q1 numbers show 4.7% LFL growth in DIY driven by a strong spring season, which might provide that support. We maintain our view that an A&E proposal will emerge after the Q1 numbers are released. As we have previously opined, Q1 numbers are likely to be positive.  The Hornbach numbers back this view.